Yahoo Finance 
Should you accept the first offer for your Singapore HDB flat or private property?
Ask The Property Expert: Among the factors to consider are your overall sale timeline and credibility of the buyer.
Question:
Should you accept the first offer, at the expected selling price, for your Housing and Development Board (HDB) flat or private property?
Answer:
The answer isn't a simple yes or no, said Propseller's Sales Manager Timothy Lee. Lee said that if you're a seller, you'll need to consider:
Whether you think you'll get a better offer soon,
Your overall timeline,
The credibility of your buyer, and
The quality of the offer.
If the offer comes from a buyer who has been pre-approved for a loan, or is offering to pay in cash, that can tilt the scales in favour of acceptance. A strong buyer reduces the risk of the deal falling through.
But remember, there's no guarantee that better offers will come after the first one. Some sellers pass on their first good offer, only to find that nobody else is willing to match it. On the other hand, you also don't want to rush into accepting too quickly and miss out on a better deal.
Also read: Can you sell your HDB or private property without an agent?
Also read: Can I apply for a HDB BTO flat before my current MOP is up?
Lee's company, Propseller, prides itself in having property agents who are "selected based on their exceptional track record, and have on average 11 years of experience". "Furthermore, the agents are backed by a highly experienced team of specialists who handle property marketing, photography, copywriting, valuation and several other complex tasks," the company said on its website.
How to go about deciding on an offer for your HDB or private property?
A good way to decide is to look at the current real estate market, said Lee. If there are more people buying than selling (a seller's market), you might be able to wait for a better offer. But if more people are selling than buying (a buyer's market), you might want to be more cautious. Lee said, that as of July 2023, "we're in a buyer's market due to rising interest rates and fewer people looking for properties".
Also, consider your situation. If you need to sell quickly, such as if you've already bought another place, you'll need to decide quickly. In this case, it could be smart to accept the first offer, especially if it meets your expected price and comes from a credible buyer.
"Lastly, it's important to remember that the highest offer isn't always the best. A lower offer without contingencies, for example, could end up being better than a higher offer with several conditions. Always consider all aspects of an offer before making your decision," Lee advised.
"Remember to consult with your real estate agent or trusted adviser before making any major decisions."
HDB's advice to sellers
On the HDB website, it advises sellers who are negotiating with buyers to consider other matters besides the flat price. These include:
Submission of resale application: "Under Clause 12 of the OTP (option to purchase), you and the buyer will agree on the timeframe to submit your resale application to HDB. This is a contractual agreement between you and the buyer. The timeframe can be extended with mutual consent."
Extension of stay: "If you have committed to buy a completed property in Singapore and need more time to move out, you may arrange with the buyers for a temporary extension of stay in the flat for up to three months after the resale completion. The temporary extension of stay is subject to the buyers' agreement. If you require this arrangement, be sure to discuss with your buyers before granting the OTP."
To better understand the HDB resale process, you can sign up for a resale seminar.
Follow us on Facebook, Instagram, TikTok and Twitter.
